4季度,由于人民币升值压力导致的出口增速放缓预期、由于房价居高不下导致的行业调控政策升级预期、由于资产价格飞涨导致的居民通胀预期及国际大宗商品价格的传导,我国面临的经济增速进一步下滑、实际通胀压力进一步增大,进而引发的“滞涨”预期将会继续困扰着管理层及投资者。人民币升值预期导致的出口增速下滑趋于明朗近期美国向人民币汇率施压的态度愈发明确。继奥巴马9月23日“中国须在人民币汇率问题尽更大努力”的表态后,9月24日美国国会众议院筹款委 In the fourth quarter, due to the expected slowdown in export growth caused by the pressure of RMB appreciation, due to the anticipated price increase of industrial regulation and control policies due to the high housing prices, the inflationary pressures on residents due to soaring property prices and the transmission of international commodity prices, Further slowdown in growth and further inflationary pressures put an end to the expectation that “stagflation” will continue to plague management and investors. Decline in export appreciation due to expected appreciation of the renminbi tends to be clear Recently, the United States put more pressure on the RMB exchange rate. Following Obama’s stance on September 23 that “China needs to make greater efforts in renminbi exchange rate issue”, on September 24, the U.S. House of Representatives Fundraising Committee